My administration is the only thing between you and pitchforks

[anothersta]

The bankers struggled to make themselves clear to the president of the United States.

Arrayed around a long mahogany table in the White House state dining room last week, the CEOs of the most powerful financial institutions in the world offered several explanations for paying high salaries to their employees — and, by extension, to themselves.

“These are complicated companies,” one CEO said. Offered another: “We’re competing for talent on an international market.”

But President Barack Obama wasn’t in a mood to hear them out. He stopped the conversation and offered a blunt reminder of the public’s reaction to such explanations. “Be careful how you make those statements, gentlemen. The public isn’t buying that.”

“My administration,” the president added, “is the only thing between you and the pitchforks.”

The fresh details of the meeting — some never before revealed — come from an account provided to POLITICO by one of the participants. A second source inside the meeting confirmed the details, and two other sources familiar with the meeting offered additional information.

http://www.dat-e-baseonline.com:80/front/a.asp?arg=8F7D995F927D7566646D777F628B73798C6A716B 7E7C72

Yes, we are FULL swing into the mob mentality. And it was CREATED by the Congress and BHO's administration.

Outrageous!! This admin's policy appears to be, create a situation, then save it and claim victory.

And, of course, he is now the saviour of CEO's. What a guy!

[mikej]

Yes, we are FULL swing into the mob mentality. And it was CREATED by the Congress and BHO's administration.

Outrageous!! This admin's policy appears to be, create a situation, then save it and claim victory.

And, of course, he is now the saviour of CEO's. What a guy!

And yet, the recession started in December, 2007. What a clever man Obama is to have affected events a full year before taking office!

Come on over to the dark side. We have cookies!

[anothersta]

And yet, the recession started in December, 2007. What a clever man Obama is to have affected events a full year before taking office!

Come on over to the dark side. We have cookies!

The bonus' were put into the Stimulus Bill in feb'07 by Dodd. More bonus' coming for Fannie and Freddie. This conversation has nothing to do with the recession.

350B was left for the BHO admin to dole out to banks, another trillion is being printed to back up hedge fund purchases for a certain few bankers.

Be more careful what you put in those cookies and try to stay on topic!

[gmyers]

People can say what they want to about Bush and other presidents but they would have condemned people going to the AIG ceo's homes and the threats towards them. But Obama didn't do or say anything. Which makes those people believe he agrees with their actions. I've never seen anything like that happen under other presidents. Obama seems to use threats to get what he wants done.

[pepperpot]

He won, he trumps....

[mikej]

The bonus' were put into the Stimulus Bill in feb'07 by Dodd. More bonus' coming for Fannie and Freddie. This conversation has nothing to do with the recession.

350B was left for the BHO admin to dole out to banks, another trillion is being printed to back up hedge fund purchases for a certain few bankers.

Be more careful what you put in those cookies and try to stay on topic!

Dodd originally put in wording that eliminated bonuses. Paulson made him put it back in.

[tngirl]

Would you like some koolaid with those kookies?

[mikej]

Would you like some koolaid with those kookies?

Thanks, but I never have liked KoolAid.

[anothersta]

Dodd originally put in wording that eliminated bonuses. Paulson made him put it back in.

Had Dodd read it before he voted on it, he would've known that.

Doesn't it bother you that mobs are being ginned up by the Congress, then carted over to private citizen's houses with threats of bodily harm to them and their families?

Then BHO uses it as a threat to the CEO's of banks.

That bothers me..... ALOT!

[SurferGirl]

People can say what they want to about Bush and other presidents but they would have condemned people going to the AIG ceo's homes and the threats towards them. But Obama didn't do or say anything. Which makes those people believe he agrees with their actions. I've never seen anything like that happen under other presidents. Obama seems to use threats to get what he wants done.

That's the Chicago way.

[tngirl]

I just don't think it is the government's place to tell anyone how much they can pay their employees. All of a sudden people are shouting to do away with capitalism, saying that it doesn't work. Excuse me, this country has been capitalistic for over 200 yrs. Seems to have worked to me.

[atprm]

well, Geithner and all the rest wouldn't be taking these measures... if...only....the companies would give a cut of their profits to the government... you know "on the sly"

[Jolie Rouge]

I think it is more of a pincher move ... to put the Administration - and Congress - between two large groups with the pitchforks and torches

[janelle]

When you are in the business of redistruibuting wealth you need to make some threats ya know.

They will first take on the big guys then come after the little guys---small businesses wealth. It's never ending, so get ready to hand over your paycheck. I guess people never learn from other government's mistakes or others screw ups. Some just have to pee on the electric fence to find out you don't do that.

[anothersta]

Has anyone been keeping up on the toxic asset fix? We tax payers are going to 'insure' the investments with no chance at a return on the money.

Do you think it's a setup for the bankers? If they make a bunch of money (and it looks like they will make a killing), will the mob mentality take over again?

Also, this offer is not open to the public (I'd probably buy in for about 500 if it were). It's not even open to all bankers. It's only about 5 select that will get the option.

[mikej]

Has anyone been keeping up on the toxic asset fix? We tax payers are going to 'insure' the investments with no chance at a return on the money.

Do you think it's a setup for the bankers? If they make a bunch of money (and it looks like they will make a killing), will the mob mentality take over again?

Also, this offer is not open to the public (I'd probably buy in for about 500 if it were). It's not even open to all bankers. It's only about 5 select that will get the option.

They won't make a bunch of money off this deal. They won't lose any money, though. These toxic assets are currently valued at about 60 cents on the dollar by those who hold them. There are investors who would buy them at around 30 cents on the dollar but the financial institutions will not sell that low.

Nobody cared when these financial wizards who created these investment vehicles were making money by the boatload. All I heard from the GOP was that they needed tax cuts! According to the latest budget musings from the GOP, these people still need more tax relief.

The anger doesn't come from the fact that bankers make money. The anger comes from people losing most of their wealth. They have lost more than half of their retirement portfolios. They have watched their parents lose their retirement. Many have lost their jobs.

If you get the chance to buy a share of these of toxic assets, my advice is to pass. I would buy mortgage loans, but, these we need to stay away from.

[anothersta]

They won't make a bunch of money off this deal. They won't lose any money, though. These toxic assets are currently valued at about 60 cents on the dollar by those who hold them. There are investors who would buy them at around 30 cents on the dollar but the financial institutions will not sell that low.

That's what people said about a few of our investments 20 years ago. He he he, we proved 'em wrong :)



Nobody cared when these financial wizards who created these investment vehicles were making money by the boatload. All I heard from the GOP was that they needed tax cuts! According to the latest budget musings from the GOP, these people still need more tax relief.

The anger doesn't come from the fact that bankers make money. The anger comes from people losing most of their wealth. They have lost more than half of their retirement portfolios. They have watched their parents lose their retirement. Many have lost their jobs.

For some reason, you seem to think the mad ones are the only ones that are seeing tough times. There is another group (quite large BTW) that is non violent and don't buy into the mob mentality.

There is NO excuse for the threats on people's lives, their families well being or punishing taxes geared just toward them. We have a constitution and and a rule of law for cryin' out loud! Use it.



If you get the chance to buy a share of these of toxic assets, my advice is to pass. I would buy mortgage loans, but, these we need to stay away from.

LOL I dont' take free financial advice over the net. Why, when the .com bubble was boomin', I wouldn't have as well as we did if I'd listened to people's advice. Yep, I'd maybe even buy in for 1000.00.

But me, as a private citizen will not have the opportunity if the brokerage firms don't offer the investment to us. The SELECT 5 brokerages/banks.

No, ME, THE TAXPAYER, will not have an opportunity to risk 1000 for a potentially big payoff. ME, THE TAXPAYER, will instead, INSURE the risk to the 5 SELECT big brokerage firms/banks.

I'm starting to think this admin, or congress, doesn't care about ME,,, the taxpayer.... until it's time for more money. Then they care alot about taking it from me, the taxpayer, the financer of their idiotic schemes, not by choice.

Of course, could be fate taking care of me. I don't want Congress to send a mob of people to my house or tax any profits I might make at 90%.

[mikej]

That's what people said about a few of our investments 20 years ago. He he he, we proved 'em wrong :)



For some reason, you seem to think the mad ones are the only ones that are seeing tough times. There is another group (quite large BTW) that is non violent and don't buy into the mob mentality.

There is NO excuse for the threats on people's lives, their families well being or punishing taxes geared just toward them. We have a constitution and and a rule of law for cryin' out loud! Use it.



LOL I dont' take free financial advice over the net. Why, when the .com bubble was boomin', I wouldn't have as well as we did if I'd listened to people's advice. Yep, I'd maybe even buy in for 1000.00.

But me, as a private citizen will not have the opportunity if the brokerage firms don't offer the investment to us. The SELECT 5 brokerages/banks.

No, ME, THE TAXPAYER, will not have an opportunity to risk 1000 for a potentially big payoff. ME, THE TAXPAYER, will instead, INSURE the risk to the 5 SELECT big brokerage firms/banks.

I'm starting to think this admin, or congress, doesn't care about ME,,, the taxpayer.... until it's time for more money. Then they care alot about taking it from me, the taxpayer, the financer of their idiotic schemes, not by choice.

Of course, could be fate taking care of me. I don't want Congress to send a mob of people to my house or tax any profits I might make at 90%.

Nobody is looking to tax any profits at 90%. Every investment is a risk. We cannot let these financial institutions fail. The scope is too big.

[anothersta]

Nobody is looking to tax any profits at 90%. Every investment is a risk. We cannot let these financial institutions fail. The scope is too big.

Didn't you see the house trying to tax the AIG bonus' at 90%, then the Senate kinda forgot about it? That tells me the house would be willing to try it with others if they aren't happy with an 'outcome' if it's a popular thing to do. It could be slipped through in a bill, anything could happen.

There's taxpayer money/gov control involved. We don't know what those lunatics at Capitol hill will try.

[janelle]

It's the Obama administration who has the pitchforks out and wants the big honchos dependent on them to protect them from the so called "lower class." Just who is riling up the lower income people with the mention of pitchforks. Totally irresponsible.

You don't fix any problems with this kind of reteroric. Pitting one class of people against another. We all have to work together.